The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1887-02-16
The Meeting of the Stockholders OF
tho Georgia nnu Carolina Mid
FRE!F land Railroad ComDany. t$t 4

The Meeting of the Stockholders OF
the Georgia and Carolina MIDI
land Railroad Company. Z.
In accordance with the notice nnb-
lished by President Mitchell, calling
meeting OF the stockholders Of the Geor-
gia and Carolina Midland Railroad Com
pany at NeWberry, on the 18th inst. :,
the stockholders met in the Court
House at II O'Clock a. m. Present. .R.
NJ. Mitchell, president, VIM. Munro,
vice.presldent, Maj. WIN. II. Gary, at,
torney. In the absence of the secretary.
Mr.. JAS. *. p. Goggans was requested
to act as secretary Of the meeting. Mr..
MYnYo moved that q committee on
proxies be ppointed-carricd. Com
mittee--Dr. JAS. Mcintosh, Geo. T..
Long and John II. Duncan. While the
committee were examining proxies,
Maj. Gary offered the following resolu-
tions, which are designated as Nos.
and 2: ... =. #'
1st. Resolrcd, by the stockholders of
the Georgia and Carolina Midland Rail
road Company, In convention assembled,
a'majority OF the capital stock being
represented and voting for the same,
that the president and directors Of said
corporation are fully authorized and en-
powered, and are hereby instructed to
issue in the name of said company, for
the purpose of locating, surveying, con-
structing,' building and cquipping said
railroad, series Of coupon bonds not
exceeding fifteen thousand ($15, ,OOO) dol
lars per mile. to be signed by the presl-
uent and treasurer OF said corporation,
to bear date and fall due at such times.
and payable at such places, and to be of
such denominations as the president and
board OF directors OF said company nav
fix and determine, to bcaPintercst not to
exceed the rate OF six per cent. per an
mum. And In order faithfullys to secure
the payment Of said bonds and coupons
to tic owners and holders thereof. the
president and directors are further au-
thorlzcd, empowered and instructed TO
cause to be executed and delivered in
the name Of said company, consisting of
Its roadbcd, andappurte nances and each
and franchises, embracing us well its
present, us also its subsequently to be
acquired property, real, personal and
mixed, in possession and in expectancy
to two or more responsible persons, or
to responsible corporation or corpora
tlons, company or companies who shall
have and hold all Of said property in
trust for the purpose aforesaid, and the
said president and board of directors of
said company arc hereby invested with
full power and discretion to cause to be
inserted in said deed, mortgage or each
written instrument, each and every
covenant, condition, power and agree
ment which may be deemed proper and
necessary to the owners and holders of
said bonds and coupons, the proceeds of
the sale OF said property, for their bcne-
tit, In default of payment of said bonds
and coupons at maturity by the said
company.
I'd. Resolrel, by the stockholders of
the Georgia and Carolina Midland Rail
road Company in convention assembled,
a majority of the capital stock OF said
company being represented and voting
for the same, that the president and
board of directors OF said company are
fully authorized and empowered to or
ganiZc syndicate or construction COM
pany or to enter into an agreement in
writing to construct, build and equip
said railroad from Augusta via Edge
field, Newberry and Union G. H., to the
North Carolina State line, or to con-
struct build or equip any part of the
same. That the president and board Of
directors are authorized, empowered and
instructed to form said construction
company and to place it under such
guarantee as may be deemed proper and
necessary, and for this purpose the said
president and board Of directors are
fully empowered to do all things required
In and about the premises aforesaid.
Maj. Gary read the resolutions and
said that as the roads had already adopt
cd the consolidation agreement, it would
be wise for the stockholders at this meet
ing to confirm what had already been
done by ths roads.
Mr.! Caldwell suggested that the prcsi-
dent state, for the benefit of those pres
ent, the object of the resolutions.
President Mitchell said that the OBJ
ject Of issuing bonds was to enable
them to borrow money to supple
ment the amounts subcribed by
townships to build the road or to turn
the amount over to capitalists who would
take the bonds and build and equip the
road. The construction company might
do this, and this WIS the object of organ
izing such companies; but il he could
sell the bonds and get the money with
out organizing construction company
he would do so, but IL it became meces-
sary, that he would organize company
and turn over to them a sufficient num-
Der Of the bonds to build the road, re-
quirng said company to give bond for
the faithful performance of the contract.
NIL bulOtl ioh(NS IL u Ollly lOOk lcIl
thousand dollars mile to build the
road, why mortgage it for fifteen thou
sand dollars mile?
Mr.. Mitchell: In order to give the
president margin enough to insure the
building Of the road without cmbarrass-
mcnt, that he would get it done rs cheap
as possible, but that he would have to
borrow money on the bonds, and that he
might have difficulty in borrowing the
whole amount OF the face OF the bonds,
and it would be suicidal to reduce tho
amount.
Mr.. Duncan: Will the bonds sell as
well when the road is SO heavily mort
gagged?
Mr.. Mitchell Perhaps not, but it
will not be safe to reduce the amount.
The committee OH proxies and. shares
reported the following shares and proX-
les represented